VC-backed Edge Therapeutics goes public

Berkeley Heights, New Jersey-based Edge Therapeutics, a biotech company focused on developing therapies for neurological conditions, has debuted its IPO after pricing its over 7.3 million shares at $11 per share. The stock began trading Thursday on the NASDAQ under the ticker symbol “EDGE.” Leerink Partners and Credit Suisse are serving as the lead underwriters. Edge Therapeutics’ backers included Venrock, Sofinnova Ventures, Janus Capital Management LLC, New Leaf Venture Partners and BioMed Ventures. PRESS RELEASE Edge Therapeutics, Inc. (Nasdaq:EDGE) today announced the pricing of its initial public offering of 7,315,151 shares of its common stock at a public offering price of $11.00 per share, before underwriting discounts and commissions. All of the shares of common stock are being offered by Edge Therapeutics. In addition, Edge Therapeutics granted the underwriters a 30-day option to purchase up to an additional 1,097,272 shares of common stock at the same price, to cover over-allotments, if any. The shares are scheduled to begin trading on The NASDAQ Global Select Market on October 1, 2015 under the ticker symbol “EDGE.” Leerink Partners and Credit Suisse are acting as joint book-running managers for the offering. Guggenheim Securities and JMP Securities are acting as co-managers. The offering is being made only by means of a prospectus. A copy of the final prospectus related to this offering will be filed with the Securities and Exchange Commission and may be obtained, when available, from Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by email at syndicate@leerink.com, or by phone at (800) 808-7525, ext. 6124, or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, or by telephone at (800) 221-1037, or by email at newyork.prospectus@credit-suisse.com. A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission on September 30, 2015. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction. About Edge Therapeutics Edge Therapeutics, Inc. is a clinical-stage biotechnology company that discovers, develops and seeks to commercialize novel, hospital-based therapies capable of transforming treatment paradigms in the management of acute, life-threatening neurological conditions. EG-1962, our lead product candidate, has the potential to fundamentally improve patient outcomes and transform the management of aneurysmal subarachnoid hemorrhage, or aSAH, which is bleeding around the brain due to a ruptured brain aneurysm. EG-1964, our second product candidate, is being evaluated as a potential prophylactic treatment in the management of chronic subdural hematoma, to prevent recurrent bleeding on the surface of the brain. For additional information about Edge Therapeutics, please visit www.edgetherapeutics.com.

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VC-backed Edge Therapeutics goes public

Swarm64 grabs about $8 mln

Berlin and Oslo-based data acceleration company Swarm64 AS has secured up to 7.1 million euros (about $8 million) in funding. The lead backers were Alliance Venture, Target Partners and Investinor. PRESS RELEASE Munich/Berlin/Oslo, September 29, 2015: Swarm64 AS (www.swarm64.com), the data acceleration company from Oslo and Berlin, has raised a total of up to €7.1 million from lead investors Alliance Venture, Target Partners ((www.targetpartners.de/en) and Investinor. The funds will be used for market entry, building out the team and to set up operations in the US market. Swarm64 has been developing a hardware and software solution that scales databases in size and speed past their current limitations. Swarm64’s Scalable Data Accelerator (SDA) and its database extensions will contribute to the professionalization of open source databases. The SDA resolves the known trade-off in databases between transaction heavy and analytics heavy workloads. It builds on the strengths of the open source community, the evolution of high-performance solid-state storage, and utilizes industry standard interfaces. There is significant business value in combining the speed and real-time aspects of transaction processing with the ability to answer complex analytics queries in seconds. Swarm64 offers these capabilities integrated in a single system, thereby eliminating the complexity of integration of multiple solutions. “As performance increases, the line between transaction heavy data processing and real time analytics starts to blur. Swarm64 is well positioned to enable a growing demand for intelligent analytics driven applications”, said John Abbott, co-founder and Distinguished Analyst at 451 Research, “Swarm64 has been able to build on recent advances in GPUs, many-core RISC processors and the open source software stack to introduce a new approach to data acceleration for lower costs, higher performance and greater efficiency.” “This investment supports us in our mission to handle complex and sizeable data affordably and with ease and take down the borders between data warehousing and live production datasets. Companies want to benefit from their data the second it becomes available, and we are providing the solution” says Dr. Karsten Rönner, CEO. Kurt Müller, partner and co-founder of Target Partners, adds “Swarm64 has a disruptive new approach to database acceleration, providing orders of magnitude faster performance to the broader commercial market. Great team, great product.” “Swarm64 has now reached the stage that fits well with our overall investment strategy to fund technology companies aiming for international growth and expansion“, says Jon Øyvind Eriksen, Investment Director at Investinor. Bente Loe, partner at Alliance Venture, “we recognized Swarm64’s potential early and have been supporting the company since the seed-stage. Now we are excited to back the company during its growth phase”. Swarm64 was founded by Eivind Liland, one of the developers of the ARM Mali mobile GPU, Thomas Richter and Alfonso Martínez in early 2013 and operates in Oslo and Berlin. In 2012 and 2013 the founding team was supported by Humboldt Innovation of the Humboldt University Berlin. About Swarm64: Swarm64 is an international company located in Berlin and Oslo. We are developing a hardware and software solution that scales databases in size and speed past their current limitations. Swarm64’s Scalable Data Accelerator (SDA) and its database extensions build on the strengths of open source database systems and enhance them with a massively parallel processor architecture. For more details: www.swarm64.com About Target Partners: With €300 million under management, Target Partners is one of the leading early-stage venture capital firms in Germany. Target Partners invests in new startup and early-stage companies, and supports them with venture capital during their build-out and expansion phases. With many years of experience as managers, entrepreneurs and venture capitalists, the team at Target Partners supports entrepreneurs in developing and marketing products and services, building organizations, raising money and taking companies public in Europe and the United States. For more details: www.targetpartners.de, follow us on Twitter: twitter.com/targetpartners or Facebook: facebook.com/targetpartners.

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Swarm64 grabs about $8 mln

Element Partners-backed AquaVenture Holdings files for IPO

Tampa-based water purification solutions provider AquaVenture Holdings LLC has filed for an IPO. The number of shares that will be sold as well as the stock’s pricing terms have yet to be set. The company plans on trading the stock on the New York Stock Exchange under the ticker symbol “WAAS.” Citigroup, Deutsche Bank Securities and RBC Capital Markets are serving as the lead underwriters. AquaVenture’s backers include Element Partners. PRESS RELEASE TAMPA, Fla., Sept. 25, 2015 /PRNewswire/ — AquaVenture Holdings LLC today announced that it has publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to a proposed initial public offering of its common shares. The number of shares to be offered and the price range for the offering have not been determined. AquaVenture Holdings has applied to list its common shares on the New York Stock Exchange under the ticker symbol “WAAS.” Citigroup, Deutsche Bank Securities and RBC Capital Markets are acting as joint book-running managers and as representatives of the underwriters. Canaccord Genuity and Raymond James are acting as co-managers. The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus related to the offering may be obtained from Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, (Telephone: (800) 831-9146), from Deutsche Bank Securities, Attention: Prospectus Department, 60 Wall Street, New York, NY 10005 (Telephone: (800) 503-4611, Email: prospectus.cpdg@db.com), and from RBC Capital Markets, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; Attention: Equity Syndicate; Telephone: (877) 822-4089; Email: equityprospectus@rbccm.com. A registration statement related to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About AquaVenture Holdings AquaVenture Holdings is a provider of Water-as-a-Service (WAASTM) solutions that offer customers a reliable and cost-effective source of clean drinking and process water primarily under long-term contracts that minimize capital investment by the customer. AquaVenture Holdings is composed of two operating platforms: Quench, a U.S.-based provider of Point-of-Use, or POU, filtered water systems and related services to more than 40,000 institutional and commercial customers; and Seven Seas Water, a multinational provider of desalination and wastewater treatment solutions, providing 7 billion gallons of potable, high purity industrial grade and ultra-pure water per year to governmental, municipal, industrial and hospitality customers.

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Element Partners-backed AquaVenture Holdings files for IPO

Williams to consider revised Energy Transfer offer: Reuters

(Reuters) — Williams Companies‘ (WMB.N) board of directors is preparing to meet as early as this week to consider a sale to oil and gas pipeline peer Energy Transfer Equity LP (ETE.N) after the latter revised its offer, according to people familiar with the matter. Energy Transfer has offered to tweak its all-stock offer for Williams, which is currently worth about $34 billion, and pay for around 15 percent of the deal with cash, the people said on Wednesday, cautioning that the exact amount of cash offered is still being negotiated. Williams’ board will meet to decide whether the company will enter final negotiations with Energy Transfer, the people said. If it decides to do so, it will later hold another board meeting to approve the deal, the people added. The deal would rank as one of this year’s largest mergers. The sources asked not to be identified because the negotiations are confidential. Energy Transfer declined to comment, while Williams did not immediately respond to a request for comment. Williams began exploring an outright sale in June after it rejected an acquisition proposal from Energy Transfer. At the time, the bid was worth $48 billion. That offer was contingent upon Williams’ canceling its plans to acquire the portion of its pipeline subsidiary Williams Partners LP (WPZ.N) that it does not already own for $14 billion. Energy Transfer and William’s share prices have dropped since then, alongside plummeting oil prices. Energy Transfer prevailed in the auction for Williams and has been trying to convince Williams to agree to a deal. Under Energy Transfer’s new offer, Tulsa, Oklahoma-based Williams shareholders would be able to elect newly issued Energy Transfer shares, or a combination of those shares and a cash consideration, the people said. Deals in the energy sector, especially oil and gas pipeline and processing companies, are turning to a more traditional corporate structure as advantages associated with a master limited partnership (MLP) wane over time. Energy Transfer would be the latest MLP to propose using a C-corporation as a way to maximize tax advantages, increase cash flows and broaden institutional interest. The sector had previously embraced the MLP structure because the tax burden is passed through to investors who receive fat yields. Because the partnership pays no taxes, it has a lower cost of capital.

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Williams to consider revised Energy Transfer offer: Reuters

PE, VC drive return as Harvard endowment treads cautiously

Harvard endowment’s chief executive officer sounded the alarm on high valuations in private equity and venture, even while reporting the private asset classes helped drive the endowment’s overall return. “Private equity valuations are now, on average, at higher levels than in 2007. There are over 80 ‘unicorns,’ as many as in the last three years combined,” Harvard Management Company CEO and President Stephen Blyth said in his annual endowment performance letter, published this month. “Venture capital continues to receive ample funding, and private company valuations are also bolstered by public mutual funds entering later stage funding rounds in significant size. This environment is likely to result in lower future returns than in the recent past,” Blyth wrote. In response to this environment, Harvard is not “over-committing” to illiquid investments, “while still ensuring we will be involved if market dislocations arise,” he wrote. Venture capital proved to be a huge driver of performance for Harvard’s endowment in fiscal 2015, producing a return of 29.6 percent, according to Blyth. Overall, private equity returned 11.8 percent in fiscal 2015, beating its 10.8 percent benchmark. “Several of our venture capital partners delivered outsized returns, in particular in the technology and biotech sectors,” Blyth wrote. Managing Director Richard Hall leads the endowment’s private equity portfolio. The endowment overall returned 5.8 percent, beating its 3.9 percent benchmark. The return is far lower than it was in fiscal 2014, when the endowment posted a 15.4 percent overall return, Reuters reported at the time. The value of the endowment as of June 30 hit an all-time high of $37.6 billion, Blyth said. Going forward, Harvard endowment investment team will explore opportunities around “cross-asset class collaboration,” Blyth wrote. Increasingly, Blyth sees opportunities “on the border” of traditional asset classes, like the real estate market for laboratory space for life sciences companies, which brings in real estate and venture capital focuses. The team also will remain open to new managers and platforms that include transparency, flexibility in investment decisions and reduction in fees, he wrote. Blyth took over as the endowment’s CEO from Jane Mendillo last year. He formerly headed public markets for the endowment. Action Item: Read Blyth’s annual report here: http://bit.ly/1NS2KKJ Photo courtesy of Shutterstock

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PE, VC drive return as Harvard endowment treads cautiously